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Thursday, July 10, 2014

1028 Whitehead Street - Key West - Bank Owned


The listing Realtor describes the new Bank Owned property at 1028 Whitehead Street as an
"Old Town corner location with two legal residential units & two buildings designed to fit your imagination! Open the fence gate and realize the potential associated with this space. Design your dream complex with the two existing separate buildings. Previously, a commercial office existed downstairs as well."

 I fished around in my old shoebox and found a couple of photos that show 1028 Whitehead Street as the two properties appeared about fifty years ago. Back then the corner building was a neighborhood grocery store and the two story wood building appears to have been a first floor garage and a second floor apartment that was probably owned by the single family home adjacent to the north. From a cursory review of county records it looks like a two story concrete block building was attached to the original grocery store structure around 1958.  Just below you can view photos that show the current condition of these buildings. The photos pretty much speak for themselves.
The former grocery store was most recently used as a real estate office. Don't let the marble floor fool you, this place is no Taj Mahal. I am advised that the commercial space is not recognized by the City of Key West. A new owner may not be able to use that space for commercial purposes.
The two story residential building to the rear has had some interior renovations or repairs started. Much still needs to be done.
The former garage/apartment now looks to be two separate apartments. The City only recognizes one.
CLICK HERE to view all photos of this Bank Owned Key West  property.

The property as it currently exists has 2148 sq ft of living space on a 2191 sq ft lot (43.6s X 50.25) located at the corner of Whitehead and Virginia Streets. Many of the neighboring properties are actively rented as vacation rentals. Some even have transient licenses.

I think this property as it currently exists come across as a bit challenging. But I think the location is terrific for a buyer that wants either a renovation project or perhaps a tear down and rebuild.  I think but cannot guarantee that a new owner could raze the old commercial and more recent concrete block addition. I also believe that a new owner might get permission to raze the former garage-cum-two-story apartment. There is nothing historic about a garage other than it is built too close property lines to comply with current setback requirements. I have seen numerous renovation projects where similar properties have been totally transformed into chic usable spaces.  Nothing is off the table when it comes to doing a project in Key West.

Please call me, Gary Thomas, 305-766-2642 to show you 1028 Whitehead Street. There is genuine potential with this property that is offered for sale at just $397,000.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.

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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.

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Gary Thomas in a Nutshell

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.